In case you missed the news in the lead-up to the Anzac Day weekend, the REIV released their latest data on real estate prices for Melbourne last week. The REIV’s figures indicated that Melbourne’s median house price recorded its strongest quarterly price growth since 2013 during the first quarter of 2017.
Real Estate prices in 2017
As watchers of real estate prices will know, Melbourne’s market has been experiencing strong growth over the past few years, driven by solid population growth, strong buyer demand, record low interest rates and low stock levels.
However, according to the REIV’s figures, Melbourne’s median house price grew by a further 7.6% in the first three months of this year, reaching a record high of $826,000. This figure was up by more than $55,000 on the last quarter of 2016.
Real Estate price increases by area
Whilst growth in real estate prices has been apparent right across Melbourne, it was interesting to see several outer suburbs among the areas recording the strongest levels of growth so far this year. Mount Eliza, Cranbourne North, Kilsyth and Mornington all recorded increases above 14.5% in the first quarter.
One trend that would have caught the attention of many commentators was confirmation that, despite a steady stream of negative media coverage surrounding the market for new apartments in some areas of Melbourne, the overall picture for apartments was quite positive. In fact, the REIV found that real estate prices in the overall metropolitan apartment market increased by 3.8% over the three months.
The news was also positive for property owners in regional Victoria during the March quarter, with the median house increasing by 4.1% to $377,000.
Advice on real estate prices
If you are considering selling in the current strong market, the team at Ian Reid’s Vendor Advocacy are always available to help you find out how much more your property could be worth with the right agent and strategy in place. So, feel free to call us at any time on 9430 0000.
In the meantime, you can read all about the best ways to avoid unnecessary expense and mistakes when selling your home in our booklet, “Fatal Real Estate Traps Exposed”. This publication has proven to be a valuable source of information for countless Australian home sellers, so why not get your free copy while you’re here?